Bitcoin’s latest correction has pushed the cryptocurrency toward a crucial technical turning point, but not everyone believes the decline signals the end of its bullish potential.
As Bitcoin faces renewed selling pressure, prominent crypto analyst Michaël van de Poppe has revealed that he is buying BTC, highlighting five reasons why the current market environment could present an opportunity for long-term investors.
Bitcoin recently slipped below $73,000 before extending its decline toward the $70,000 region, leaving traders questioning whether the market has reached a sustainable bottom. However, van de Poppe believes several technical and macroeconomic factors could support a recovery.
Why Michaël Van De Poppe Is Buying Bitcoin
In his November 12 market commentary, van de Poppe explained that his decision to accumulate Bitcoin comes down to five observations about the current market structure.
First, investor sentiment has become overwhelmingly negative, a condition that can sometimes appear near important market turning points. Second, Bitcoin has already experienced a correction of approximately 20%, potentially reducing some of the speculative excess that developed during the previous rally.
Third, the cryptocurrency has demonstrated resilience despite several negative market developments, suggesting that long-term demand may remain intact.
The fourth reason involves Bitcoin’s relationship with its 200-day moving average, a widely followed technical indicator used to assess broader market trends.
Finally, van de Poppe highlighted the growing divergence between Bitcoin and the Nasdaq. While technology stocks have demonstrated relative strength, Bitcoin has struggled to follow, creating a gap that could narrow if market liquidity improves.
These observations suggest that the analyst is approaching the correction as an accumulation opportunity rather than assuming further declines are inevitable.
Bitcoin Price Analysis: Can BTC Reclaim $75,000?
From a technical perspective, Bitcoin’s next move could depend on whether buyers regain control of the $70,000–$73,000 region.
The 200-day moving average, recently located around $73,100, has become particularly important. Bitcoin’s move below this indicator raises questions about near-term momentum, but a recovery above it could provide an encouraging signal.
We have previously examined how Bitcoin whale selling contributed to recent market pressure. However, if selling activity slows and buyers begin absorbing available supply, the cryptocurrency could establish a stronger foundation for recovery.
The first significant resistance level to monitor is $73,000–$73,200, followed by $75,000.
A sustained move above $75,000 would strengthen the bullish case and potentially open the door toward $77,200. Beyond that, a recovery of the 21-day moving average could provide further confirmation that momentum is improving.
Van de Poppe has also discussed the possibility of Bitcoin eventually returning toward $100,000 if the market successfully reclaims these technical levels.
However, that remains a conditional scenario rather than a confirmed price target.
On the downside, the $69,500–$70,000 area deserves close attention. A decisive breakdown could expose Bitcoin to another period of consolidation before buyers attempt a recovery.
Could Bitcoin Repeat Its 2023 Recovery Pattern?
Another interesting part of van de Poppe’s analysis involves Bitcoin’s historical price structure.
The analyst recently suggested that Bitcoin is displaying similarities to its 2023 recovery, when periods of consolidation and liquidity-driven corrections preceded stronger upward momentum.
According to his interpretation, a reversal could develop quickly if rising prices force traders holding short positions to close their positions.
Such a move, commonly described as a short squeeze, can accelerate a rally when leveraged bearish positions are liquidated.
Nevertheless, technical patterns alone cannot guarantee that history will repeat itself.
Market liquidity remains a critical consideration. According to CME Group’s Bitcoin futures market, institutional participants have access to regulated derivatives for managing Bitcoin exposure, making futures positioning an important component of broader market analysis.
Meanwhile, recent disclosures showing that Barclays increased its Bitcoin ETF holdings demonstrate how traditional financial institutions continue participating in the cryptocurrency market, even as short-term volatility persists.
For now, we believe Bitcoin’s ability to recover above its 200-day moving average and challenge $75,000 will be among the most important developments to monitor.
If buyers successfully reclaim these levels, the current correction could eventually be remembered as another accumulation opportunity within Bitcoin’s broader market cycle.
